EU officials considered Bitcoin trading ban to enforce proposed mining ban

cointelegraph.com:

European Union (EU) officials discussed banning Bitcoin trading during a debate on a proposal to ban Proof of Work mining according to documents obtained through a freedom of information request. 

According to a report, published by German digital culture organization Netzpolitik, officials from the EU went as far as suggesting that an all out ban on trading Bitcoin (BTC) should be enforced in order to curb its overall energy consumption.

The most worrying comments from the crypto community’s perspective came from a document that detailed the minutes from an EU meeting with Sweden’s financial supervisor and an environmental protection agency in which officials suggested that regulators pressure the Bitcoin community to switch to a Proof of Stake (PoS) mechanism, instead of its current energy-intensive Proof of Work (PoW) mechanism. A unidentified official in the discussion said:

Another unnamed speaker suggested that the EU could reasonably place a blanket ban on trading any crypto assets that used a PoW algorithm.

The answer to this question was redacted in the document to protect the “ongoing decision-making process,” but it brings attention to the fact that the EU was seriously considering such dramatic regulation.

When discussing the potential effect of an outright Bitcoin ban on investors and retail traders the officials were largely unconcerned, claiming that all Bitcoin investors are fully aware of downside risk.

This report comes as Bitcoin’s energy usage continues to draw attention from environmental organizations and regulators. According to the University of Cambridge’s Bitcoin Electricity Consumption Index, Bitcoin mining currently consumes roughly 139 terawatt hours (Twh) of electricity every year. For